Tue, 16 Oct 2018 | ADMINISTRATION
The Bristol-based company that commissioned the project to break the land speed record has gone into administration to find a solution in order to take the project to completion.
Partners of specialist business advisory firm FRP Advisory LLP, Andrew Sheridan and Geoff Rowley, have been appointed as joint administrators of Bloodhound Programme. Talks are currently underway to find potential solutions and offers are being invited.
Joint administrator Andrew Sheridan said: "Bloodhound is a truly ground-breaking project which has already built a global audience and helped to inspire a new generation of STEM talent in the UK and across the world.
"Entering into administration provides some breathing space to identify an investor who will bring the guaranteed funding, impetus and expertise required to drive the project forward.
"Whilst not an insignificant amount, the £25 million Bloodhound requires to break the land speed record is a fraction of the cost of, for example, finishing last in a F1 season or running an Americas Cup team.
"This is an opportunity for the right investor to leave a lasting legacy. We are already in discussion with a number of potential investors and would encourage any other interested party to contact us without delay."
The Bloodhound supersonic vehicle is already built and has been conducting low-speed trials however needs the further investment if it is to have any chance of breaking records in South Africa.
Mark Chapman, chief engineer of Project Bloodhound, said: "As we now move out of the R&D phase and into the operational phase of the project, we recognise that we need a different approach to funding.
"This project is built around the most successful team in the history of Land Speed Racing, and with the right support we have no doubt that the project will achieve its aims and could be racing for the record in as little as ten months"
Founded in 2007, Project Bloodhound aims to hit speeds of 1,000 mph on the specially built race track in the Northern Cape of South Africa.
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